Ghermezian family
A Canadian business family of Iranian Jewish origin best known for developing large-scale shopping and entertainment complexes in North America.
Last updated August 25, 2026
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Overview
The Ghermezian family is a Canadian business family of Iranian Jewish origin whose commercial history began with the importing and retailing of oriental rugs. The family traces its business tradition to Elijah Ghermezian, who established a rug business in 1895. Before the Second World War, the family moved to Tehran, where Jacob Ghermezian became a prominent businessman. During the 1943 Tehran Conference, Jacob hosted United States President Franklin D. Roosevelt, British Prime Minister Winston Churchill, and Soviet leader Joseph Stalin in his apartment, an unusual episode later associated with the family’s history. In the early 1950s, Jacob moved his family to Montreal and opened Ghermezian Bros. on Sherbrooke Street. By the middle of the 1960s, the family’s rug operation had expanded to 16 stores across North America and was described as the largest importer of oriental rugs into the United States. In 1964, the family relocated to Edmonton, Alberta, seeking opportunities connected with the province’s expanding oil economy. The family’s subsequent business activities broadened from rugs into land ownership, development, construction, and large-scale commercial real estate. The family incorporated Ghermez Developments Ltd. in 1967; the company became Triple Five Corp. Ltd. in 1973. The four Ghermezian brothers—Eskandar, Nader, Raphael, and Bahman—helped transform the family enterprise into a major development group. An unsuccessful effort to identify oil beneath farmland did not produce the intended result, but the family later benefited from the Edmonton region’s green-belt plans by selling farmland to the government. This land activity helped provide capital for larger development projects. The Ghermezians became particularly associated with the concept of the mega-mall: enclosed complexes combining retail, dining, attractions, hospitality, and entertainment. Their best-known projects include West Edmonton Mall in Alberta, Mall of America in Bloomington, Minnesota, and American Dream in East Rutherford, New Jersey. These properties were promoted not simply as shopping centers but as destination resorts or “retailtainment” complexes, with attractions intended to draw visitors beyond the conventional retail customer base. The family’s expansion also brought substantial financial risk. In 1994, the family defaulted on approximately C$450 million in loans, an event connected with the bankruptcy of Royal Trust, its family bank. Decades later, the American Dream project opened on October 25, 2019, after the family acquired and redeveloped the troubled Meadowlands Xanadu project in 2011. The complex encountered weak attendance and financial pressure after the COVID-19 pandemic, highlighting the vulnerability of highly leveraged destination-retail developments. The family remains based in Edmonton and continues to be associated with Triple Five Group and major commercial real-estate projects in Canada and the United States. Members are Orthodox Jews, and several family members maintain a low public profile. The family’s enduring business identity rests on combining real-estate development with large-scale retail, leisure, and entertainment destinations rather than on a conventional consumer product brand.
History
The Ghermezian family’s commercial roots lie in the oriental-rug trade. According to the family’s documented history, Elijah Ghermezian founded the family business in 1895. The family later moved to Tehran, where Jacob Ghermezian developed the rug enterprise and became a prominent businessman. During the Tehran Conference in 1943, Jacob hosted Franklin D. Roosevelt, Winston Churchill, and Joseph Stalin in his apartment while the Allied leaders discussed the final stages of the Second World War. Jacob moved to Montreal with his family in the early 1950s and opened Ghermezian Bros. on Sherbrooke Street. The business expanded rapidly; by the mid-1960s it reportedly operated 16 stores across North America and had become the largest importer of oriental rugs into the United States. In 1964, the family moved to Edmonton, Alberta, where it sought to benefit from the province’s oil-driven economic growth. The family’s ambitions soon extended beyond rugs. Ghermez Developments Ltd. was incorporated in 1967 and renamed Triple Five Corp. Ltd. in 1973. The four brothers Eskandar, Nader, Raphael, and Bahman developed the enterprise into a land, construction, and real-estate business. The family acquired large areas of farmland near Edmonton while hoping to find oil, but the exploration effort was unsuccessful. The later establishment of an Edmonton green belt created an alternative opportunity: the family sold farmland to the government and used the resulting wealth to support further development. The family became internationally recognized for very large enclosed shopping and entertainment properties. West Edmonton Mall in Alberta and Mall of America in Minnesota exemplified a model in which conventional retail was combined with attractions, dining, and leisure facilities. The family presented these projects as destination resorts with shopping included, rather than as ordinary malls. This approach was later described as “retailtainment.” Expansion was accompanied by significant leverage. In 1994, the family defaulted on approximately C$450 million in loans, contributing to the bankruptcy of Royal Trust, its family bank. Despite this setback, the family continued pursuing large development projects. In 2011, Triple Five acquired the unfinished Meadowlands Xanadu project in New Jersey and rebranded it American Dream. The complex opened on October 25, 2019, but the COVID-19 pandemic soon weakened attendance and increased pressure on its leveraged business model. The family also received approval in 2018 to begin developing American Dream Miami, proposed as another major retail and entertainment destination. The Ghermezians have been based in Edmonton since 1964. They are an Orthodox Jewish family, and many members avoid public appearances. Their business history is therefore centered less on individual celebrity than on a family-controlled development strategy: assembling land, constructing exceptionally large commercial destinations, and combining shopping with entertainment to attract regional, national, and international visitors.
- 2019
American Dream opens
[1]The New Jersey complex opened to the public on October 25, 2019.
- 2018
American Dream Miami receives approval
[1]The family received approval to start construction of a planned Miami retail and entertainment complex.
- 2011
Triple Five acquires Meadowlands Xanadu
[1]Triple Five acquired the troubled New Jersey project and renamed it American Dream.
- 1994
Loan default and Royal Trust bankruptcy
[1]The family defaulted on approximately C$450 million in loans, contributing to the bankruptcy of Royal Trust.
- 1992
Mall of America opens
[1]The family became associated with Mall of America in Bloomington, Minnesota, which opened as a major American shopping and entertainment destination.
- 1973
Ghermez Developments becomes Triple Five Corp. Ltd.
[1]The development company adopted the Triple Five name as the family expanded its real-estate activities.
- 1967
Ghermez Developments Ltd. is incorporated
[1]The family formalized its move into development by incorporating Ghermez Developments Ltd.
- 1964
Family relocates to Edmonton
[1]The family settled in Edmonton to pursue opportunities connected with Alberta’s growing oil economy.
- 1950
Family expands its rug business in Montreal
[1]Jacob moved the family to Montreal in the early 1950s and opened Ghermezian Bros. on Sherbrooke Street.
- 1943
Jacob Ghermezian hosts Allied leaders in Tehran
[1]During the Tehran Conference, Jacob Ghermezian hosted Roosevelt, Churchill, and Stalin in his apartment.
Products and positioning
The family’s development model positions shopping centers as destination resorts that combine retail with attractions, entertainment, dining, and other leisure uses. This approach is commonly associated with the term “retailtainment.”
Shopping and entertainment complex
West Edmonton Mall
West Edmonton Mall in Edmonton, Alberta, is one of the family’s signature developments and helped establish its reputation for combining extensive retail space with attractions, dining, and family entertainment. It represents the Ghermezian strategy of treating a mall as a regional destination rather than solely as a place for everyday shopping.
Shopping and entertainment complex · 1992
Mall of America
Mall of America in Bloomington, Minnesota, opened in 1992 and became one of North America’s most prominent enclosed retail destinations. Its scale and combination of shopping, attractions, restaurants, and visitor-oriented amenities reflect the family’s retailtainment model.
Shopping, entertainment, and leisure complex · 2019
American Dream
American Dream is the Ghermezian family’s redevelopment of the Meadowlands Xanadu project in East Rutherford, New Jersey. Acquired by Triple Five in 2011 and opened in 2019, it was conceived as a destination combining retail with attractions and leisure uses. Its operating environment was severely affected by the COVID-19 pandemic.
Rug trade · 1895
Oriental rug importing and retailing
The family’s original commercial activity involved importing and selling oriental rugs. Through Ghermezian Bros., the business expanded from Montreal to a North American retail network and provided the foundation for the family’s later move into land development and commercial real estate.
Marketing campaigns
- Retailtainment destination model
Canada · United States
The family promoted mega-malls as family resorts or entertainment destinations with shopping as one component. The model relies on attractions, dining, and leisure facilities to extend visits and draw customers from beyond the immediate retail catchment area.
Outcome. The model became the defining strategic idea associated with West Edmonton Mall, Mall of America, and American Dream, although its high construction and financing requirements also created substantial exposure to changes in attendance and consumer behavior.
Brand decisions
2018
Approval for American Dream MiamiStrategyBackground
The family sought to extend its mega-mall and entertainment-destination model to South Florida.
Action taken
The family received approval to begin construction of American Dream Miami.
Aftermath
The project was planned as a very large shopping center, but the available reference material does not establish its completed operating status.
2011
Acquisition and rebranding of Meadowlands XanaduM&ABackground
The Meadowlands Xanadu project in New Jersey was troubled and unfinished when Triple Five pursued it.
Action taken
Triple Five acquired the project and renamed it American Dream, repositioning it as a large retail, entertainment, and leisure destination.
Aftermath
American Dream eventually opened in 2019, but later faced attendance and financing pressure, particularly after the pandemic.
1973
Adoption of the Triple Five corporate identityStrategyBackground
The family’s development activities had expanded beyond the original rug-importing business.
Action taken
Ghermez Developments Ltd. was renamed Triple Five Corp. Ltd.
Aftermath
Triple Five became the principal corporate identity associated with the family’s large-scale development activities.
1964
Relocation from Montreal to EdmontonStrategyBackground
The family sought to participate in Alberta’s expanding oil economy and moved its base westward.
Action taken
The family settled in Edmonton and began expanding beyond the rug trade into land and property activities.
Aftermath
Edmonton became the family’s long-term base and the center of its later development operations.
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